Oil is used for thousands of things other then cars dipshit, your looking at this whole situation with a narrow point of view, and sorry but alternative fuels aren't great lubricants for industrial machinery IMO. Also with other countries like China developing as fast as they are importing and being able to afford it will be harder and harder.
Hedgehog is correct about the value of alternative oils.
Here's a breakdown of what each barrel of oil yields for particular uses:
Petroleum Products Yielded from One Barrel of Crude, 2005 Product Gallons:
Finished Motor Gasoline 19.40
Distillate Fuel Oil 10.50
Kero-Type Jet Fuel 4.12
Petroleum Coke 2.23
Still Gas 1.81
Residual Fuel Oil 1.68
Liquefied Refinery Gas 1.51
Asphalt and Road Oil 1.34
Naptha for Feedstocks 0.59
Other Oils for Feedstocks 0.46
Lubricants 0.46
Kerosene 0.17
Miscellaneous Products 0.17
Special Naphthas 0.08
Finished Aviation Gasoline 0.04
Waxes 0.04
Total 44.60
The vast majority of uses for crude oil are as a fuel and clearly not as a lubricant. Synthetic lubricants exist, synthetic blends etc. Alternative lubricants exist: mineral, vegetable etc.
http://www.eia.doe.gov/neic/infosheets/crudeproduction.html